The Real Deal New York

Tishman Speyer top candidate to develop 270 Park Avenue: report

No deal yet, but the prolific developer is considered overwhelming favorite
February 22, 2018 12:00PM

270 Park Avenue, Rob Speyer and Jamie Dimon (Credit: Getty Images)

The 70-story tower JPMorgan Chase wants to build at 270 Park Avenue will likely be developed by Tishman Speyer, according to a new report.

Sources told Politico New York that the bank and city officials are nearing a deal with the developer for a ground-up 2.5 million-square-foot office tower, made possible by a recent rezoning of Midtown East.

To achieve the massive scale, JPMorgan Chase plans to buy roughly $42 million in air rights from neighboring buildings. The preliminary plan has the support of both Gov. Andrew Cuomo and Mayor Bill de Blasio.

The bank announced Wednesday its intentions to build a new skyscraper at the site of its current headquarters, a 52-story building that’s been renovated multiple times but nonetheless doesn’t meet the bank’s needs. Tishman Speyer is the developer or owner of numerous office towers in Manhattan, including the Spiral project at Hudson Yards and the MetLife Building in Midtown.

In 2014, JPMorgan Chase made plans to build a $6.5 billion headquarters in Manhattan’s Far West Side but scrapped plans after the city denied the bank $1 billion in additional subsidies.

JPMorgan Chase says the new office tower in Midtown East will house 15,000 employees and create 8,000 construction jobs. Demolition is expected to start next year, with construction of the new tower expected to finish about five years later. The bank is not receiving subsidies from the city for the ground-up project at 270 Park, Politico reported. [POLITICO]Will Parker